i can't believe that it is possible to actually feel what a drug would do to you in waking life (before acually doing it). However it seems possible that you could have an experience based on your perceptions about a drug. For example you know LSD is a hallucinogen, therefore you take it ina dream and "hallucinate" according to your own perceptions of what hallucinating would feel like.

On the other hand. I have smoked marijuana in a dream and felt the actual effect even a short time after I had woken up.